The sustainability of the financial markets is a requirement that has only appeared very recently on the economic policy agenda, whereas a stable financial system has been a declared goal for decades. The relationship between sustainability and stability is, however, still unclear. The two terms...

One of the most pressing public priorities in Germany at present is how to organize the transformation of the energy system. However, the cost of stabilizing the financial sector as well as the fiscal pact and the debt brake mean that the state has limited financial resources. Consequently, the...

Many banks are now too big, complex, and closely networked to be wound up. When they get into difficulties, they threaten the entire financial system of their economic area. Five years of financial crisis have not alleviated but exacerbated this problem. The cost of stabilizing banks is...